Inozyme initiated with an Outperform at Raymond James

Raymond James initiated coverage of Inozyme (INZY) with an Outperform rating and $26 price target Inozyme is developing INZ-701, a biologic analog of the ENPP1 enzyme in orphan disorders associated with low levels of pyrophosphate, a key regulator of mineralization in the body, and in Phase 2 studies, INZ-701 induced rapid normalization of PPi in ENPP1- and ABCC6-deficient adults, as well as marked improvements in several exploratory endpoints, the analyst tells investors in a research note. Inozyme in Q4 plans to read out topline data in both ENPP1 and ABCC6 infants, the highest unmet need, which will have direct read-through to the ongoing pivotal study in pediatric patients, as well as to the pivotal infant ENPP1 study, the firm says, adding that it believes INZ-701 has the potential to replicate the success of indication-adjacent orphan blockbusters like Strensiq and Crysvita.